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India's AXIS Bank Ltd. Monday said its board has approved a proposal to form an asset management firm in a joint venture with Banque Privee Edmond de Rothschild Europe, which is part of the LCF Rothschild Group.

The proposed joint venture will provide investment advisory services for private banking and wealth management in India, the bank said in a notice to the Bombay Stock Exchange.

It said that the incorporation of the proposed joint venture is subject to the approval of the Reserve Bank of India and other regulatory authorities.